cancel
Showing results for 
Search instead for 
Did you mean: 
jujubean67
Level 2

Weekly WC Deduction, Monthly Payment, Annual Billing

Good afternoon,

 

Our worker's compensation payments were set up at one time where I would process payroll weekly, and I would immediately send the calculated worker's compensation payment to our provider. At the end of our annual term, I would either receive a refund or pay any balance owing. However, we have changed providers who do not offer this service. Instead....

 

I receive an annual bill indicating how much I am to pay them at the end of our fiscal year. Each month I receive a bill from them indicating a portion of that bill is due, plus an installment fee. I am fine with this; however, I still have my weekly worker's compensation payments that are calculated and deducted from my checking account. 

 

This past year I would calculate the months worth of worker's comp payments, and any amount still owing to match that month's bill, I would enter that amount into "Bill Pay"; however, the problem that I am seeing (and rightfully so) is that there is a balance from our 2023-2024 year. 

 

I don't know how to properly do this - where my QBD Payroll Assisted deducted the WC weekly, I pay our provider monthly, but I want to keep track of how much I owe them from the total annual bill. 

 

Does anyone have any suggestions so that I can do this properly. I know how to do journal entries, and if i have to go that route, I will - I was just thinking there has to be an easier way - like idk - when I pay weekly, it deducts it from the annual bill????? idk

 

Thank you for your help. 

Joyce

QBD Premier Plus 2024

QBD Assisted Payroll

4 Comments 4
JamaicaA
QuickBooks Team

Weekly WC Deduction, Monthly Payment, Annual Billing

Good day, jujubean67.

 

I appreciate the detailed information about WC deductions, payments, and billing. Let me direct you to our experts to determine the amount you owe them from the total annual bill.

 

Please know that we cannot discuss your obligation towards the Workers’ Compensation here since the Community space is a public forum. In this case, I suggest reaching out to our Support Team for help with tracking the calculations and premiums you've paid. They can provide further clarification regarding the balance on your bill from the 2023-2024 year.

 

Follow the steps below:

 

  1. Go to the Help icon, then select QuickBooks Desktop Help.
  2. Press Contact Us.
  3. Enter a description of your subscription concern, then click Continue.

 

Kindly note our operating hours on this article so you can contact us promptly: Contact Payroll Support.

 

If you're considering overtime rates or recording a weekly timesheet, refer to this guide: Set up manual Workers' Compensation in QuickBooks Desktop.

 

Moreover, you can generate reports with their description and fixes through this reference: Troubleshoot Workers’ Compensation report in QuickBooks Desktop Payroll.

 

I'll be here to address further questions you have about managing your workers' compensation in QuickBooks Desktop. Add them below so I can get back to you.

jujubean67
Level 2

Weekly WC Deduction, Monthly Payment, Annual Billing

Thank you for your reply; however, I don't owe "them" anything! This is a private provider and the bill for the 2023-2024 has already been paid. I am wondering how I handle all the aforementioned transactions so that at the end of the year - the Annual bill that I entered in "Enter Bill" comes to a zero. 

 

Thank you 

Joyce

GenmarieM
QuickBooks Team

Weekly WC Deduction, Monthly Payment, Annual Billing

Hello there, jujubean.

 

I understand that our previous agent already suggested reaching out to our support, however, I still recommend contacting them so they can help you and initiate screen-sharing sessions.

 

Here's how:

 

  1. Go to Help, then select QuickBooks Desktop Help.
  2. Click Contact Us.
  3. Enter a description of your concern, then hit Continue.

 

Moreover, I'm adding this article as your reference for creating a weekly timesheet: Create and print timesheets in QuickBooks Desktop Payroll.

 

If you encounter any difficulties managing your worker's compensation, please don't hesitate to let me know by leaving a comment below. I'm available and prepared to help you whenever you need it.

 

 

 

jujubean67
Level 2

Weekly WC Deduction, Monthly Payment, Annual Billing

Thank you GenMarie for eaching out. However, I simply was wanting to know about handing journal entries (if needed), adjustments (if needed), or any other means to handle this. I will research elsewhere. 

 

Joyce

Need to get in touch?

Contact us